54:18A-5 - Gross contract premiums - New Jersey Statutes

54:18A-5.  Gross contract premiums    Subject to the provisions of section 6 of this act, the taxable premiums, as  specified in section 3 of this act, are hereby defined to be gross contract  premiums provided for by the respective policies or contracts of insurance and  collected by the company, except premiums collected for reinsurance assumed and  premiums collected after December 31, 1965 under policies or contracts of life  insurance issued in connection with the funding of a pension, annuity or  profit-sharing plan qualified or exempt under sections 401, 403, 404 or 501 of  the United States Internal Revenue Code as now or hereafter amended or  renumbered from time to time, less, to the extent related to policies or  contracts not excluded above, the sum of the following:

    (a) Premiums (excluding cash surrender values) returned on policies or contracts,

    (b) Dividends paid in cash, used by policyholders in payment of renewal premiums, or left on deposit with the company, and

    (c) Discount on premiums paid in advance.

     L.1945, c. 132, p. 490, s. 5.  Amended by L.1965, c. 114, s. 4, eff. July 1, 1965.